Advertisement

Archipelago Resources says quarterly production hit by weather

Archipelago Resources reported a 1.9 per cent year-on-year fall in first-quarter gold production at its Toka Tindung mine in North Sulawesi, Indonesia, as adverse weather affected operations.

Archipelago Resources reported a 1.9 per cent year-on-year fall in first-quarter gold production at its Toka Tindung mine in North Sulawesi, Indonesia, as adverse weather affected operations.

The company achieved production of 31,575 equivalent ounces of gold for the first three months on the year, compared to 32,189 a year earlier.

Advertisement - Article continues below

High rainfall across the North Sulawesi region during the quarter put a dampener on production.

However, despite challenging weather conditions, the group said it maintained production levels in line with output reported in the prior year.

"This was largely due to the company continuing to source higher grade ore from the Kopra and Pajajaran deposits, in addition to the on-going blending of ore recovered from the main Toka pit," Archipelago said.

During the period, the processing plant operated slightly below nameplate capacity on a quarter by quarter basis, primarily due to the metallurgical nature of ore from the southern deposits.

Archipelago expects recovery rates to improve for the remainder of the year after installing a new oxygen plant.

The company maintained its full-year 2013 production guidance of 140,000 to 155,000 equivalent ounces of gold.

The miner also announced the appointment of Charles Knight as General Manager of Operations. He replaces Les Kwasik who left the company to pursue other ventures.

RD

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/uk-economy/601427/covid-bounce-back-loans-and-inflation
UK Economy

What bounce back loans can tell us about how we’ll pay for all this

The government will guarantee emergency "bounce back loans" for small businesses hit by Covid-19. Inevitably, many businesses will default. And there'…
1 Jun 2020
Visit/investments/commodities/601433/commodities-possibly-the-biggest-opportunity-in-todays-markets
Commodities

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020
Visit/economy/global-economy/601420/james-ferguson-the-virus-the-lockdown-and-what-comes-next
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020